$CRWG Earnings News!!! CrowdGather Announces Recor
Post# of 94257
Posted On: 03/20/2015 9:49:51 AM
$CRWG Earnings News!!! CrowdGather Announces Record 3rd Quarter 2015 Revenues
Growth driven by Mega Fame Social Casino
http://finance.yahoo.com/news/crowdgather-ann...00188.html
WOODLAND HILLS, Calif.--(BUSINESS WIRE)--
Specialty social media and gaming network, CrowdGather, Inc. (CRWG), today announced financial results for the third quarter and nine months ended January 31, 2015.
The Company reported revenues of $690,507 for the three months ended January 31 of fiscal 2015, resulting in $1,490,831 in total revenue for the nine months ended January 31 of fiscal 2015, compared to $446,201 and $1,283,240, respectively, for the same periods in the prior fiscal year.
“We are pleased to report a record revenue quarter,” said Sanjay Sabnani, CrowdGather’s founder and CEO. “Our pivot into the gaming space was a focused attempt to regain sales momentum and leverage. We are excited to share results that we believe show our strategy is working. While we still face challenges when it comes to procuring additional financing, we believe that having growth in sales and gross profit should help. While our transition into gaming through the merger with Plaor has changed the composition of our cost structure, with a higher cost of revenue for platform fees as well as increased payroll and advertising expenses as compared to our forum business, we believe that continued growth in revenues from gaming will offset and leverage these higher expenses as we achieve scale.”
Gross profit was $516,943 and $1,062,353 respectively, for the three months and nine months ended January 31 of fiscal 2015, compared to $445,498 and $1,279,915 for the same periods in the prior fiscal year.
Net loss was $1,639,866 or $.01 per share, and $6,527,181, or $.06 per share, for the third quarter and nine months ended January 31 of fiscal 2015, compared to a net loss of $338,597, or $.01 per share, and $1,554,329 or $.03 per share, for the same periods of fiscal 2014.
The increased loss for the quarter and nine months ended January 31, 2015 primarily relate to higher payroll and advertising costs relating to the merger with Plaor in May 2014, as well as non-cash charges relating to our amortization expense included in our general and administrative expenses and the loss on the fair value adjustment to our derivative liabilities.
CrowdGather ended the third quarter of fiscal 2015 with approximately $250,000 of cash and $7.3 million of shareholders’ equity.
Growth driven by Mega Fame Social Casino
http://finance.yahoo.com/news/crowdgather-ann...00188.html
WOODLAND HILLS, Calif.--(BUSINESS WIRE)--
Specialty social media and gaming network, CrowdGather, Inc. (CRWG), today announced financial results for the third quarter and nine months ended January 31, 2015.
The Company reported revenues of $690,507 for the three months ended January 31 of fiscal 2015, resulting in $1,490,831 in total revenue for the nine months ended January 31 of fiscal 2015, compared to $446,201 and $1,283,240, respectively, for the same periods in the prior fiscal year.
“We are pleased to report a record revenue quarter,” said Sanjay Sabnani, CrowdGather’s founder and CEO. “Our pivot into the gaming space was a focused attempt to regain sales momentum and leverage. We are excited to share results that we believe show our strategy is working. While we still face challenges when it comes to procuring additional financing, we believe that having growth in sales and gross profit should help. While our transition into gaming through the merger with Plaor has changed the composition of our cost structure, with a higher cost of revenue for platform fees as well as increased payroll and advertising expenses as compared to our forum business, we believe that continued growth in revenues from gaming will offset and leverage these higher expenses as we achieve scale.”
Gross profit was $516,943 and $1,062,353 respectively, for the three months and nine months ended January 31 of fiscal 2015, compared to $445,498 and $1,279,915 for the same periods in the prior fiscal year.
Net loss was $1,639,866 or $.01 per share, and $6,527,181, or $.06 per share, for the third quarter and nine months ended January 31 of fiscal 2015, compared to a net loss of $338,597, or $.01 per share, and $1,554,329 or $.03 per share, for the same periods of fiscal 2014.
The increased loss for the quarter and nine months ended January 31, 2015 primarily relate to higher payroll and advertising costs relating to the merger with Plaor in May 2014, as well as non-cash charges relating to our amortization expense included in our general and administrative expenses and the loss on the fair value adjustment to our derivative liabilities.
CrowdGather ended the third quarter of fiscal 2015 with approximately $250,000 of cash and $7.3 million of shareholders’ equity.
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